The two American investment banks, Goldman Sachs and Bank of America, withdrew from the potential offering of the UAE's ADNOC Gas Company due to lack of time and insufficient time to review the company's financial statements before the offering.
According to what informed sources told Bloomberg Agency, yesterday, Tuesday, that ADNOC accelerated the offering schedule, as it was decided that it will be during the next February, which prompted the two banks to abandon their roles in the deal, while HSBC and First Abu Dhabi Bank remain as the offering coordinators.
According to the sources, the current schedule does not allow the financial statements of ADNOC Gas to be reviewed by one of the big four accounting firms, which is something that the two banks usually require in large deals such as the ADNOC Gas deal. But Goldman Sachs and Bank of America are still advising on other matters in the offering process.
The Big Four is a term used to refer to the four largest public accounting and auditing firms in the world.
Bloomberg quoted a representative of ADNOC as saying that ADNOC is focusing through the large and strong banking alliance that it uses to make the initial offering of ADNOC gas in the market successful, adding that it will be very attractive and an attractive investment opportunity in a developed and promising energy company.
And the Abu Dhabi National Oil Company, ADNOC, announced last November the establishment of ADNOC Gas, a natural gas processing and marketing company, as a result of the merger of the operations of ADNOC Gas Processing and ADNOC LNG.
At that time, the ADNOC Board of Directors, headed by Sheikh Mohammed bin Zayed, President of the Emirates, instructed ADNOC to implement an initial public offering of a minority stake in the new company during 2023.
